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All Journal Almana : Jurnal Manajemen dan Bisnis JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Jurnal Pengabdian Tri Bhakti
Sadikin, Taufik
Fakultas Ekonomi Universitas Langlangbuana Bandung
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences

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Structural Model of the Influence of Corporate Fundamental Factors on Market Value: A SEM-PLS Approach on LQ45 Companies Sadikin, Taufik
Almana : Jurnal Manajemen dan Bisnis Vol 9 No 2 (2025): August
Publisher : Bandung: Prodi Manajemen FE Universitas Langlangbuana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/almana.v9i2.2898

Abstract

Market value reflects investor perceptions of a firm’s financial condition and future prospects. However, in emerging markets like Indonesia, discrepancies often occur between strong financial fundamentals and actual market valuation. This study aims to develop a structural model that analyzes the influence of fundamental financial factors on market value, with Return on Assets (ROA) as a mediating variable. The research was conducted on 15 companies, consisting of both non-financial and banking firms, consistently listed in the LQ45 Index during the 2021–2023 period. Secondary data were collected from audited financial statements and analyzed using a quantitative approach through Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that CAPEX, DER, FATA, SIZE, and WCTO simultaneously affect ROA with an R² value of 0.577. Partially, CAPEX has a significant positive effect, while SIZE and WCTO show significant negative effects on ROA. DER and FATA are not statistically significant. Furthermore, ROA positively affects PBV; however, it only explains 2.2% of the variance (R² = 0.022). These findings suggest that market value is not solely driven by internal performance, highlighting the importance of incorporating external and qualitative factors in future valuation models.
Co-Authors Andrianto, Toto Ari Bramasto Davidescu Cristiana Dian Rahmawati Dian Rahmawati Firman Alamsyah Taufik Robi Marta, Davidescu Cristiana Victoria Mohamad Lutfi Robi, Firman Alamsyah Taufik Sri Dewi Anggadini Sutiadi Rahmansyah Toto Andrianto Veny Purba Veny Purba, Veny